Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Despite a mixed day yesterday and muted reaction to the Greek elections, the major U.S. averages could be headed for a rarity: their first across-the-board June gains since 2004. The soon-to-end quarter is not quite so bullish: the Dow, the S&P 500, and the Nasdaq have quarterly losses ranging from about 3.5 percent to 6.4 percent.
The Federal Reserve’s policy setting Open Market Committee begins a two-day meeting today, culminating in its latest policy statement and a news conference by Fed chairman Ben Bernanke tomorrow. More economists are expecting some sort of easing move, based on recent weakness in economic data.
While investors await the Fed statement tomorrow, they’ll get a few key pieces of data today starting with May housing starts at 8:30am ET. Economists look for a 0.4 percent increase to an annual rate of 720,000 units, following a 2.6 percent rise in April. At 10am ET, the Labor Department will be out with its April JOLTS survey, a measure of job openings.
FedEx (FDX) is among the companies set to release quarterly earnings this morning, along with Discover Financial (DFS), Barnes & Noble (BKS), and Jefferies Group (JEF), while Adobe Systems (ADBE), Jabil Circuit (JBL), and La-Z-Boy (LZB) are out with earnings reports after today’s closing bell.
Oracle (ORCL) is a surprise stock to watch this morning, following an earnings report that was not scheduled to be released until Thursday afternoon. Oracle earned $0.82 per share for its fourth quarter, four cents above estimates, and authorized an additional $10 billion for stock buybacks. The early release was seen by many as a way of alleviating concern over the news that Oracle executive vice president Keith Block has left the company.
Chesapeake Energy (CHK) has named Vincent Intrieri to its board, according to CNBC’s Kate Kelly. Intrieri is senior managing director for activist investor Carl Icahn. Kate also reports that a new Chesapeake chairman and additional directors will be named by Friday.
J.C. Penney (JCP) President Michael Francis has left the company, with CEO Ron Johnson assuming responsibility for marketing and merchandising. A brief statement gave no reason for the departure of Francis after just over eight months on the job.
OfficeMax (OMX) is in the news this morning, after investment firm Neuberger Berman called on the company to pay a dividend or repurchase shares. Neuberger also disclosed in an SEC filing that it’s raised its stake in the office supplies retailer to 5 percent from an earlier 4 percent.
Microsoft (MSFT) has launched its first tablet computer, called the “Surface”, designed to compete with Apple’s (AAPL) iPad and spur sales of its upcoming Windows 8 operating system.
Bank of New York Mellon (BK) has settled a dispute with Prudential Financial (PRU) over foreign exchange transaction pricing. This case is one of several in which BNY Mellon was accused of improperly charging customers in currency transactions. A court filing says BNY Mellon has agreed to repay more than half the revenue earned from Prudential’s trades.
Lockheed Martin (LMT) and the union representing 3,600 striking workers will meet with federal mediators later this week in an attempt to settle a more than eight week old strike. Mediation sessions will begin tomorrow, as the union remains on strike in a dispute centering on pension benefits.
JPMorgan Chase (JPM) will be in the news again today, as CEO Jamie Dimon heads back to Capitol Hill for another round of Congressional Testimony, this time before the House Financial Services Committee. His testimony will be identical to that given to a Senate Panel last week.
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